Record $61 Million Settlement Reached in GE's 401(k) Lawsuit
From the desk of Jim Eccleston at Eccleston Law
General Electric has reached a $61 million settlement in a protracted lawsuit concerning its 401(k) plan, marking one of the largest settlements in ERISA litigation history.
Pending court approval, this agreement will end a six-year legal battle against GE. Plaintiffs had alleged that the company breached its fiduciary responsibilities by including its proprietary investment options in the $30.3 billion plan's offerings and retaining them for over a decade.
According to InvestmentNews, the recently reached settlement is the largest ever ERISA case alleging that a retirement plan offered proprietary funds improperly. The agreement was made just before the court planned to issue a decision on summary judgment requests from both parties.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.
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